Renta 4 | The private equity fund of the Spanish public credit institution ICO, Axis, has commited to invest 30 million euros in Everwood Renewables Europe V FCR, the fifth clean energy investment vehicle raised by the management company Everwood Capital. The European Investment Fund, part of the European Investment Bank (EIB), has also entered into this investment. In December, the European Union body pledged to invest 50 million euros. In this way, the fund manager’s fifth fund has already accumulated 270 miilion euros of the 500 million euros it aims to reach by 2022.
Valuation: We again insist on the frenetic activity in the sector, which is not reflecting price deflation and is contrary to the evolution of share prices, which we do not see as sustainable. Small IPPs are trading at 1.2 mln eur /MW installed +construction and at 0.6 million euros including backlog, which contrasts with the 0.5-0.6 mln euros of construction. Neutral.